Removing collided section from body

When two solid bodies collide, I want to modify one body and to remove collided section from it. For example, think about a bullet enters into a body, when it moves through inside the body it is expected to create a cylindrical hole behind it.
I would like to find a general solution apart from a specific geometry (cylindrical etc.)
Any ideas?

To avoid actual mesh changing of the objects being hit (very expensive and complicated) you may just precreate all different hole types and then instantiate them in point of contact, those prefabs may actually be a little dynamic, also you need special shader to mask the surface of an object behind the hole.